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Hello. My husband and I filed a chapter 7 that has been discharged. In lieu of updating accounts on a CR stating "account included in bankruptcy"...should accounts included in the discharge be removed from credit reports altogether?
Thank you!
Bankruptcy discharge does not remove accounts; it removes a debtor's liability for those accounts.
All accounts on a filer's CR should read "included in bankruptcy" after filing and discharge. The accounts will fall off approximately 7 years after the first date of delinquency for each account. Hope this helps, but feel free to peruse this forum for more info.
Good luck!
The accounts should all be upated to state "included in bankruptcy". Should report zero balances and should not report any late payments AFTER the date of filling your bankruptcy. Any lates prior to the filing of your bk can continue to report. As jogo said, the accounts should start falling off approx 7 years from the date of your first missed payment. Wait a while and then attempt to write some goodwill letters and see if you can get some of the accounts removed entirely.
Here's a helpful link which clarifies how long accounts will continue to report:
http://www.myfico.com/CreditEducation/Questions/Negative-Items-On-Credit-Report.aspx
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Credit Q&A
It depends on the type of negative information. Here's the basic breakdown of how long different types of negative information will remain on your credit report:
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This means that a collection account will age off at approximately 7 years.
If your account was not a collection account, it will age off approximately 10 years after the last activity. If it had a late payment - that late payment will age off after 7 years. That means that the account will continue to report for several years after the lates have aged off - this is great!
So, for example, in my BK I had a CapOne card with two 30 day lates. The 30 day lates aged off (7 years), but my CapOne continues to report (10 years) - it shows as a positive account and adds to my AAofA.
Hope that's helpful!